TradingView has become one of the most popular platforms for technical analysis and charting in recent years. One of the standout features of TradingView is its Pine Editor and the ability to create custom trading scripts and indicators. In this comprehensive guide, we will cover everything you need to know about TradingView scripts and the Pine coding language as you head into 2024.
Introduction to TradingView Scripts and the Pine Editor
TradingView launched the Pine Editor and Pine Script language in 2015. It allows users to code their own custom indicators and trading strategies which can then be shared within the TradingView community.
Some of the key capabilities of Pine scripts include:
- Building custom indicators with overlay lines, colors, plots etc.
- Developing trading strategies and signals with alerts, notifications and auto-trading options.
- Backtesting strategies against historical data to validate performance.
- Optimizing and debugging scripts.
- Sharing scripts publicly for other users to utilize.
Pine is based on JavaScript so the syntax will be familiar to those with programming experience. It also has some R-like vector functions. Overall Pine aims to offer a clean, high-level language specifically tailored for trading and technical analysis.
In this guide, we’ll cover everything you need to know about getting started with Pine coding on TradingView in 2024.
Benefits of Using TradingView Scripts
Here are some of the main benefits of using TradingView scripts and the Pine Editor:
- Customization – you can code any indicator, strategy or tool you need tailored to your trading. Much more flexibility than relying on standard indicators.
- Optimization – you can optimize and automate your trading rules and systems for greater efficiency.
- Backtesting – test your scripts on historical data to validate their performance before risking real capital.
- Distribution – share your scripts on TradingView’s public library for other traders to use and get your name out there.
- Alerts and auto-trading – script alerts and auto-trading allow seamless execution based on your strategy.
Types of TradingView Scripts
There are a few main types of scripts that can be created:
Custom Indicators – Indicators are the most common script used to plot technical signals as chart overlays. Examples include custom moving averages, oscillators, volume indicators, etc.
Trading Strategies – Strategies define trading logic including entries, exits and position sizing. Entry and exit signals can trigger alerts and orders.
Screener Scripts – Screeners scan securities based on custom criteria and can be used for watchlists or discovering trading opportunities.
Other Utilities – Various scripts like price alarms, economic event trackers, backtesting engines etc. The possibilities are endless.
Now let’s dive deeper into the Pine editor and how to write your own scripts.
Getting Started with the Pine Editor
The Pine Editor offers a full-featured integrated development environment (IDE) to code, test and debug your scripts. Here are the steps to start coding a new script:
- Access the Editor – Click the “Pine Editor” tab at the bottom of your TradingView chart. This will bring up the editor on the left side.
- Create New File – Click the “New file” button and name your script. Pick the resolution (1, 3, 5 min etc) you want to develop on.
- Start Coding – The editor is blank and ready for you to start typing your Pine strategy!
- Save and Run – Save your script using Ctrl+S. The chart will now show a “Run study” button to load and display the script.
Alternatively you can use the sample script template on a blank chart and modify it.
Some key features of the TradingView Pine Editor:
- Syntax highlighting, brackets matching
- Code completion suggestions
- Plotting inline on the chart
- Code troubleshooting
- Version control and script management
Overall the editor provides a full-featured experience for coding, debugging, visualizing and deploying your scripts.
Pine Script Language Basics
Now that you know how to access the Pine Editor, let’s go over the basics of the Pine Script language itself. This will teach you the syntax and constructs you need to code your own scripts.
We’ll break it down into key concepts and easy examples you can experiment with.
Variables
Variables store values that can be used and updated in your code. Declare variables in Pine using:
// Longer declaration
var int myVariable = 10
// Shorter
myVariable = 10Pine has built-in data types like integer, float, string, boolean etc. Use descriptive variable names.
You can also declare series variables to store your indicator values like:
my_sma = sma(close, 20)Math Operators
Pine supports standard math operators:
- Addition:
+ - Subtraction:
- - Multiplication:
* - Division:
/ - Modulo:
%
Example doing math on variables:
a = 10
b = 5
c = a + b
c //equals 15Use parentheses to control order of operations.
Comparison Operators
Compare variables and values using:
- Less than:
< - Greater than:
> - Less/Greater than or equal:
<=,>= - Equal:
== - Not Equal:
!=
This will return a boolean true or false result.
a = 5
b = 10
a > b //false
a < b //true
a == b //falseChaining multiple comparisons is possible:
a >= 10 and a <= 20 //true if between 10-20
a != 10 or b = 5 //true if either condition trueConditional Logic
Make decisions in your code using if/else statements:
if (condition)
// code to run if true
else
// code to run if false For example:
sma = sma(close, 20)
if sma > close
strategy.entry("long", strategy.long)
else
strategy.close("long") Multiple else if conditions can be chained. Use comparison operators to define the conditions.
Built-in Functions
Pine comes with many built-in functions and indicators to use such as:
sma()– Simple moving averageema()– Exponential moving averagemacd()– MACD indicatoratr()– Average true rangestrategy.exit()– Exit position
And hundreds more. See the full reference list.
Use them in your code:
sma20 = sma(close, 20)
atr14 = atr(14)You can also call them conditionally:
“`pine
if atr14 > 1
strategy.exit()
###Plotting Indicators
To visualize your indicators and signals, use the `plot()` function:pine
sma = sma(close, 20)
plot(sma, “SMA”, color.blue)
This plots the SMA on the chart in blue.
Other key plot arguments:
- `title` - The legend name
- `linewidth` - Thickness of line
- `color` - Color of the plot
You can plot shapes, bands, histograms and more. This allows you to develop the visuals of your script.
### Strategies and Signals
The `strategy.*` functions are used to code trading strategies:
- `strategy.entry()` - Enter position
- `strategy.exit()` - Close position
- `strategy.order()` - Send orders
For example, a moving average crossover:pine
fastma = ema(close, 12)
slowma = ema(close, 26)
strategy.entry(“long”, strategy.long, when = fastma > slowma)
strategy.close(“long”, when = fastma < slowma)
This will go long when the fast MA crosses up through the slow MA. The position is closed when it crosses back down.
The entry and exit signals can be customized in many ways using Pine.
This covers the basics of variables, math, conditions, functions and plotting in Pine Script. For the full language reference, see the [Pine Manual.](https://www.tradingview.com/pine-script-docs/en/v5/index.html)
Now let's move on to coding some example scripts.
## How to Code a Custom Indicator in Pine
Indicators are the most common type of TradingView script used. Let's walk through how to code a custom indicator from scratch in Pine.
We'll build a Relative Strength Index (RSI) with overbought/oversold levels since it's a classic trading indicator.
### 1. Define Variable for RSI Period
Use an `input` variable so the user can modify the RSI period when adding the script:pine
// RSI Period
rsiLength = input(14, “RSI Length”, input.integer, minval=1)
Named `rsiLength` with a default of 14 bars. The `input()` function creates an editable input.
### 2. Calculate the RSI
Use Pine's `rsi()` function with our variable period:pine
rsi = rsi(close, rsiLength)
This calculates the actual RSI series using the user-defined length.
### 3. Add Overbought/Oversold Levels
Define horizontal lines at 70 and 30 for overbought/oversold zones:pine
obLevel = hline(70, “Overbought”, color=#C0C0C0)
osLevel = hline(30, “Oversold”, color=#C0C0C0)
The `hline()` plots a horizontal line using the input level and color.
### 4. Plot the RSI
Add a RSI plot line:pine
plot(rsi, color=color.blue, linewidth=2, title=”RSI”)
Blue line at thickness 2 with the "RSI" title.
### 5. Add Code Comments
Use `//` for code comments:pine
// Relative Strength Index (RSI) Indicator
// With Overbought/Oversold Zones
This adds annotations to explain the script.
That covers a basic custom RSI indicator script in Pine from start to finish!
Now you can save the script, add it to a chart and modify the inputs.
Creating a Trading Strategy Script
While indicators plot visual signals, Pine strategy scripts contain the logic to actually trade on those signals.
Here is an example intraday breakout strategy script in Pine:
### 1. Define Entry Rule
Use an `if` condition to trigger the long entry:pine
if open > high[1]
strategy.entry(“Long”, strategy.long)
This enters a long position if the current open is above the prior 1 bar high.
### 2. Define Exit Rule
Close the position using the `strategy.close` function:pine
strategy.close(“Long”, when = close < low[1])
This exits if the current close breaks the previous 1 bar low.
### 3. Set Position Size
Use `strategy.position_size` to fix the position size:pine
strategy.position_size = 1000
Enters 1000 shares or contracts per trade.
### 4. Add stops and targets
Stop loss below prior swing low:pine
strategy.exit(“Exit”, “Long”, stop=low[2], limit=high[1])
Profit target at 2:1 ratio:pine
strategy.exit(“Target”, “Long”, limit = open[1] * 2, when = open > high[1])
“`
This exits with a 2 bar target using the entry price.
The full script combines entry, exit and risk management into a trading strategy.
You can build upon this or try formulating your own system based on candlestick patterns, indicators or other logic using Pine.
Debugging and Troubleshooting Pine Scripts
A key step in Pine coding is troubleshooting errors and ensuring your scripts run smoothly. Here are some tips for debugging TradingView Pine scripts:
- Check syntax – Many issues are simple syntax errors like missing brackets or commas. The editor highlights these.
- Print debugging – Use
print()statements to output variable values at certain points. See if they are as expected. - View errors – The Pine console will show runtime errors. Read these carefully to pinpoint the issue.
- Enable debugging – Turn on debug mode and add breakpoints to pause code execution and inspect variables.
- Add alerts – Temporary alerts can also help visualize when a certain condition occurs or doesn’t occur as expected.
- Comment out sections – Comment blocks of code using
//to isolate problematic areas. - Check historical data – Run scripts on different stocks and timeframes to uncover specific symbol issues.
- Validate logic – Review the overall script logic. Are entries and exits coded as intended?
Thoroughly testing and debugging scripts on historical data is crucial before risking them with live capital. The Pine Editor has all the tools you need to troubleshoot and smooth out any errors.
Optimizing Strategy Performance with Pine
A key advantage of Pine scripts is being able to optimize trading systems to improve their historical performance.
Let’s go over some examples of optimizing with Pine:
- Parameter optimization – Test different periods for moving averages or indicators to find optimal values.
- Combining conditions – Try adding filters or additional confirming conditions to trades.
- Exit tuning – Optimizing exits is crucial – experiment with stop loss, limit orders, trailing stops.
- Walk forward testing – Optimization over a recent period, then walk forward test on new data.
- Position sizing – Test fixed size vs % risk or volatility adjusted size.
- Risk rules – Add contingencies for max drawdown, win rate minimums, loss limits etc.
- Robust validation – Validate on different stocks, sectors and timeframes. Avoid overfitting.
The key is quantifying key metrics like risk-reward ratio, win rate, drawdown etc and optimizing to improve those metrics.
Proper optimization can turn an unprofitable strategy into a profitable, robust system. But always avoid overfitting to the past.
Backtesting Strategies to Validate Performance
A major benefit of TradingView is backtesting Pine scripts on historical data. This allows you to validate a strategy before risking real capital.
Follow these tips for effective strategy backtesting in Pine:
- Sufficient history – Test over multiple years and market conditions.
- Walk forward testing – Optimization period, test period, repeat.
- Turn off lookahead bias – Only use price data up to the current bar.
- Multiple symbols – Test across stocks, forex, indices etc.
- Starting equity – Set realistic starting capital like $100,000.
- Commission, slippage – Account for trading costs and slippage.
- Statistics – Analyze key metrics like percent profitable, profit factor, drawdown.
- Worst case – Review largest losses, drawdowns and losing streaks.
- Market regimes – Evaluate performance during recessions, volatility etc.
Robust backtesting helps determine if a strategy is truly viable or simply curve fit. Always be skeptical of results and look for ways to break your system.
Tips for Improving Your Pine Coding
Here are some top tips to level up your Pine coding as you develop more advanced scripts:
- Write modular code – Break sections into reusable functions and keep your code organized.
- Optimize performance – Use Pine arrays rather than loops where possible for faster execution.
- Add flexibility – Build scripts to adapt to changing market conditions using parameters.
- Automate actions – Code alerts, orders, emails for seamless automation.
- Improve visuals – Use plotting best practices to make professional looking scripts.
- Tap forums – Join the active Pine discussion forums to learn from the coding community.
- Learn from others – Studying popular scripts is a great way to improve knowledge.
- Keep improving – Coding and optimizing strategies is an iterative process. There is always room for improvement.
Don’t worry if Pine seems intimidating at first. Start simple and continue growing your scripting skills over time through practice.
Sharing Your Custom Scripts
Once you have coded a trading script, TradingView makes it easy to share it with the community.
On the script editor, select the “…” menu and choose “Make available for public”.
This will publish your script on the Public Library.
Other key benefits of sharing scripts:
- Get user feedback to improve scripts
- Expand your audience and reputation
- Contribute value to other traders
- Can choose to make Pro version for sale
The shared script will have a url you can promote. Be sure to include proper description, tags, and notes on usage when sharing.
Many top traders publish Pine scripts to engage with the community while building their brand.
Finding Quality Scripts to Use
Thousands of user-generated Pine scripts for analysis and trading are available in the Public Library.
Here are some tips for finding quality scripts:
- Use the search filters to screen by category, popularity, author etc.
- Check the ratings and number of likes. Sort by top rated scripts.
- Read the description and comments to evaluate if it fits your needs.
- Check if the author is responsive to user feedback and updates frequently.
- Favor scripts with detailed documentation on usage and parameters.
- Ensure a substantial testing period – be wary of scripts with limited history.
- Start with strict money management and position sizing if using auto-trading.
- Look for scripts addressing your specific trading requirements and strategy.
- Still backtest and validate any script thoroughly before committing real capital.
The best way to get started is browsing by popularity and user ratings for well-tested scripts. But always ultimately judge if the logic aligns with your own research.
Top Pine Scripts for 2022
Here are some of the most popular and highly-rated TradingView Pine scripts heading into 2022:
LazyBear’s Squeeze Indicator – Shows periods of consolidation preparing for big moves.
TradingView Volatility Stop – Adaptive stop loss based on ATR.
MAS Indicators – Collection of trend, momentum and visual scripts.
RSI Divergence Indicator – Shows RSI divergences from price.
MACD Crossover Strategy – Automated MACD trading system with backtest.
VWAP Indicator – Plots volume weighted average price levels.
Cycle Identifier – Detects cycles/waves in price movements.
Line Break Charts – Plots line break price action.
Better Supertrend – Smoothed Supertrend indicator.
Fun with Fibonacci – Advanced Fib retracement tool.
Check these out as a starting point and experiment with adding them to your charts.
The beauty of Pine is being able to fully customize scripts to match your own specific trading style and requirements.
FAQs on TradingView Scripts
Here are some commonly asked questions on getting started with Pine scripting in TradingView:
What coding language does TradingView use?
TradingView developed its own custom language called Pine Script based on JavaScript. The syntax is designed for trading strategy development.
What can I build with Pine Editor?
You can code custom indicators, trading strategies, screeners, auto-trading systems, backtesting engines, algo trading frameworks and more in Pine.
How much coding experience do I need?
Pine is designed to be accessible for beginners but also has extensive capabilities for experienced coders. Even starting with zero programming experience, you can start building in Pine with some dedication.
Can I code strategies for crypto, forex, stocks etc?
Yes – you can code Pine strategies and indicators for any market or instrument available on TradingView’s charts.
Can I backtest and optimize my scripts?
TradingView has built-in options to backtest and optimize your Pine strategies against historical data to improve their performance.
Where can I view examples and tutorials?
TradingView has a Pine Script Tutorial covering the basics. The Public Library also provides examples.
Overall Pine offers a powerful yet beginner-friendly way to code custom trading strategies and technical indicators on TradingView. The possibilities are limitless.
Conclusion
TradingView’s Pine Script language provides endless possibilities for traders to code their own custom indicators and automated trading strategies.
We covered everything you need to know to get started coding in Pine Editor including:
- Syntax basics – variables, math, conditions, functions
- Coding a custom indicator
- Developing a trading strategy script
- Debugging and troubleshooting
- Optimization and backtesting
- Sharing scripts on Public Library
- Discovering scripts to use
With these foundations, you can continue building your Pine coding skills to develop specialized tools for your specific trading process.
Pine allows you to transform basic chart analysis into programmed, systematic models with concrete entry and exit rules. And TradingView provides all the testing and optimization tools necessary to validate your scripts.
So sharpen your Pine skills as you head into the new year. Turn ideas and concepts into concrete strategies. Tap the power of scripting to take your trading to the next level in 2022!
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